7.;  > 


^^^Zuf^y 


^^  A^N      ACT 


10    RKDUCK    THK  CUKaEXCV     AND    TO  y\l  TJInl!l/,r,     v    M^W    l-<ri;   or 
NOTE;<   AND  HONDS. 

Tlu-  Cougi'ti<s  of  tk>-  Confederate  >Statci^  <>f  AtD'-.rim  do  enart.  Thai, 
llio  holders  of  all  tveasur}'  notes  above  the  (Icnoiuiniitiod  ol'  five 
dollars,  nol  bcuriiii;  interest,  shall  bctillowed  until  the  first  d:i_y  of 
April,  eiifhtoen  hundred  and  sixty-four,  east  of  the  Mississippi 
river,  and  until  the  first  day  of  .lul^,  eii^hteon  hundred  and  sixty- 
four,  west  of  the  Mississippi  river,  to  fund  the  same;  and  until 
ihe  ]teriod!<  and  at  the  places  stated,  fhe  holders  of  all  such 
treasury  notes  shall  he  allowed  to  lund  the  same  in  reiijistercd 
bonds,  |)a3-able  t\vent\-  years  after  their  dale,  bearinj^  interest  at 
Uic  rate  of  four  per  cent.  i)er  annum,  payabh'  on  the'llrst  day  oi' 
January  and  July  of  each  year. 

Sec.  2.  The  8e(rretary  of  the  Treasury  is  lu^i-eby  authoi-iztid  to 
issue  the  botids  requircil  for  the  fundiiii:;  provided  for  in  the  j>rc- 
eedin/i  section.  a»id  until  the  bonds  can  bo  ])ropfired  he  may  issue 
eertific^ites  to  answer  the  ])urpose.  Such  bonds  and  certiticatos 
fthall  be  receivable,  without  interest,  in  payment  of  all  (J-overu- 
luent  dues  payable  in  the  year  eighteen  hundred  a?id  sixty-four, 
except  oKport  and  import  duties. 

Seo.  o.  That  all  treasury  notes  of  the  donomination  of  one 
hundred  dollars,  not  bearing  interest,  which  shall  not  be  presented 
for  funding  under  the  j)rovisions  of  the  firsi  section  of  this  act, 
shall,  from  and  i'fter  the  first  day  of  April,  eighteen  hundred  and 
sixt3'-four,  east  of  the  Mississip])i  river,  and  the  first  day  of  .Iul\-, 
eighteen  hundred  and  sixty-tour,  west  of  the  Mississippi  riveV. 
cease  to  be  receivable  in  the  payment  of  public  dues,  and  said 
notes,  if  not  so  presented  at  that  time',  shall,  in  addition  to  the 
tax  of  thirty-three  and  one-third  cents  imposed  in  the  fourth  sec 
lion  of  this  act,  be  subject  to  a  tax  of  ten  per  cent,  periiionth  until 
»(>  presented,  which  taxes  shall  attach  to  said  notes  wherever  cir- 
culated, and  shall  be  deducted  from  the  face  of  said  not-.'s  when- 
ever ])resented  for' payment  or  for  funding,  and  'said  notes  shall 
not  be  exchangeable  for  the  new  issue  of  treasury  notes  provided 
for  in  this  act. 

Stc.  4.  That  on  all  said  treasury  notes  not  funded  or  used  in 
payment  of  taxes  at  the  dates  and  places  prescribed  in  the  first 
section  of  this  act.  there  shall  be  levied  at  said  dates  and  places 
a  tax  of  thirty-three  and  one-third  cents  for  everj'  dollar  promised 
on  the  face  of  said  notes.  Said  lax  shall  attach  to  said  notes 
wherever  circulated,  and  shall  be  collected  by  deducting  the  same 
at  the  Treasury,  its  depositories,  and  b\'  the  tax  collectors,  and 
by  all  (lovernraent  ofiicers  receiving  the  same,  whenqvcr  pre- 
sented for  payment,  or  lor  funding,  or  in  payment  of  Government 
dues,  or  for  postage,  or  iu  exchange  for  new  notes  as  hereinafter 
provided;  and  said  treasury  notes  shall  be  fundable  in  bonds  as 


provided  in  the  first  section  of  this  act  until  ilie  first  day  of  Jan- 
uary, eighteen  hundred  and  sixty-five,  at  the  rateof  sixty-six  and 
two-third  cents  on  the  dollar. 

And  it  shall  be  the  duty  of  the  Socretarv  of  the  Treasury  at 
anv  time  between  the  first  April  east,  and  the  first  July,  eighteen 
hundred  and  sixty-four,  west  of  the  Mi^^sissippi  river,  and  the  first 
January,  eighteen  hundred  and  sixty-five,  to  substitute  and 
exchange  new  treasury  notes  for  the  same,  at  the  rate  of  sixty- 
six  and  two-third  cents  on  the  dollar:  Fror/i/cd,  That  notes  ol"  the 
denomination  of  one  hundred  dollars  shall  not  be  entitled  Lu  the 
privilege  of  said  exchange:  Provided  further,  That  the  right  lo 
fund  any  of  said  treasury  notes  after  first  day  of  January,  eighteen 
hundred  and  sixty-five,  is  hereby  taken  away:  A)id  provided 
further,  That  upon  all  such  treasury  notes  which  may  remain 
outstanding  on  the  first  January,  eighteen  hundi-ed  and  sixty-five, 
and  which  may  not  be  exchanged  for  new  treasury  notes  as  herein 
provided,  a  tax  of  one  hundred  per  cent,  is  hereby  imposed. 

Sec.  5.  That  after  the  first  da}' of  April  next,  all  authority  here- 
tofore given  io  the  Secretary  of  the  Treasury-  to  issue  ti'easury 
notes  shall  bo,  and  the  same  is  hereby,  revoked :  Provided,  The 
Secretar3'of  the  Treasury  may,  after  that  time,  issue  new  treasury- 
notes  in  such  form  as  lie  may  prescribe,  payable  two  years  after 
the  I'atification  of  a  ti'eaty  of  peace  with  the  United  States,  said 
new  issues  to  be  receivable  in  payment  ot  all  public  dues  except 
export  and  import  duties,  and  to  be  issued  in  exchange  for  old 
notes,  at  the  rate  of  two  dollars  of  tlio  new  for  three  dollar^  of  the 
old  issues,  whether  said  old  notes  be  surrendered  for  exchange  by 
the  holders  thereof,  or  be  received  into  the  Treasury  under  tlie 
provisions  of  this  act;  and  the  holders  of  the  new  notes  orof  thu 
old  notes,  except  those  of  the  denomination  of  one  hundred  dol- 
lars, after  tliey  are  reduced  to  sixty-six  and  two-third  cents  ou 
the  dollar,  by  the  tax  aforesaid,  may  convert  the  same  into  call 
certificates,  bearing  interest  at  the  rate  of  four  per  cent,  per 
annum,  and  paj'able  two  3'ears  after  the  ratification  of  a  treaty  of 
j)eace  with  the  United  States,  unless  sooner  converted  into  new 
notes. 

Sec.  6.  That  to  pay  the  expenses  of  the  Government  not  other- 
wise provided  for,  the  Secretary  of  the  Treasury  is  hereby  author- 
ized to  issue  six  per  cent,  bonds  to  an  amount  not  exceeding  five 
hundred  millions  of  dollars,  the  principal  and  interest  whereof 
."hall  be  free  from  taxation,  and  lor  the  paj'ment  of  the  interest 
thereon  the  entire  nett  receipts  of  any  export  duty  hereafter  laid 
on  the  value  of  all  cotton,  tobacco, .and  naval  stores,  which  shall 
be  exported  irom  the  Confederate  States,  and  the  nett  proceeds  of 
(he  import  duties  now  laid,  or  so  much  thereof  as  may  be  neces- 
sary to  pay  annually  the  interest,  are  hereby  specially  pledged  : 
Provided,  That  the  duties  now  laid  upon  imports  and  hereby 
pledged,  shall  hereafter  be  paid  in  specie,  or  in  sterling  exchange, 
or  in  the  coupons  of  said  bonds. 

Sec.  7.  That  the  Secretary  of  the  Treasury  is  hereby  author- 
ized, from  time  to  time,  as  the  wants  of  the  Treasury  may  require 
it.  to  sell  or  hypothecate  for  Irea-sury  notes  said   bonds,  or  any 


part  thereoi',  upon  tlio  best  turmt'  he  can,  so  as  Lo  meet  approprla- 
tions  by  Con<Tress,  and  at  the  same  time  i*educe  and  restrict  the 
amount  of  the  eircuhxtion  in  treasury  notes  within  reasonable  and 
safe  limits. 

Sec.  8.  The  bunds  authorized  by  the  sixth  nection  of  this  ael 
may  be  either  I'cgistercd  or  coupon  bonds,  as  the  parties  takin;^ 
them  may  elect,  and  they  may  be  exchanijed  foreacli  other  under 
such  re<;-ulations  as  the  Secretary  of  tlie  Treasury  may  prescribe. 
They  shall  be  for  one  hundred  iloUars,  or  some  multiple  of  one 
hundred  dollars,  and  shall,  tOii^ether  with  the  coupons  tliereto 
attached,  be  in  such  form  and  of  such  authentication  as  the  &»ec- 
retary  of  the  Treasury  may  prescribe.  The  interest  shall  be  pay- 
able half  jearl}'  on  the  first  January  and  July  in  each  3-ear — the 
principal  shall  be  ])a\able  not  less  than  thirty  years  from  their 
date. 

Sec.  9.  All  call  certilicates  shall  be  fundable,  and  shall  be  taxed 
in  all  respects,  as  is  provided  for  the  treasury  notes,  into  which 
they  are  convertible.  If  not  converted  before  the  time  fixed  for 
taxing  the  treasury  notes,  such  certificates  shall,  from  that  time, 
bear  interest  upon  only  sixty-six  and  two-third  cents  for  every 
dollar  promised  upon  their  face,  and  shall  be  redeemable  only  in 
new  treasury  notes  at  that  rate,  but  after  the  passage  of  this  act, 
no  call  certificates  shall  be  issued  until  after  the  first  day  ot  April, 
eighteen  hundred  and  sixty-four. 

Sec.  10.  That  if  any  bank  of  deposit  shall  give  its  depositors 
the  bonds  authorized  by"  the  first  section  of  this  act  in  exchange 
for  their  deposits,  and  specif}'  the  same  on  the  bonds  by  some  dis- 
tinctive mark  or  token.  10  be  agreed  upon  with  the  Secretary  of 
the  Treasury,  then  thesaid  depositor  shall  be  entitled  to  receive  the 
amount  of  said  bonds  in  treasury  notes  bearing  no  interest  and 
outstanding  at  the  pa6^ageof  this  act:  Provided,  The  said  bonds 
are  presented  bctbre  the  privilege  of  funding  said  notes  at  par 
shall  cease,  as  herein  prescribed. 

Sec.  11.  That  all  treasury  notes  heretofore  issued.of  the  denom- 
ination of  five  dollars,  shall  continue  to  be  receivable  in  pa3'ment 
of  public  dues,  as  provided  by  law,  and  fundable  at  par  under  the 
provisions  of  this  act,  until  the  first  of  Jul}-,  eighteen  hundred 
and  sixtj'four,  east,  and  until  the  first  Octobei*,  eighteen  hundred 
and  sixty-four,  west  of  the  Mississippi  river,  but  after  that  time 
they  shall  be  subject  to  a  tax  of  thirty-thr«o  and  one-third  cents 
on  every  dollar  pi'omised  on  the  face  thereof,  said  tax  to  attach 
10  said  notes  wherever  circulated,  and  said  notes  to  be  fundable 
and  exchangeable  for  new  treasury  notes,  as  herein  |)rovided. 
subject  to  the  deduction  of  said  tax. 

Seo.  12.  That  any  State  holding  treasury  nuLos,  received  before 
the  times  herein  fixed  for 'taxing  sriid  iiotes,  shall  be  allowed  until 
the  first  day  of  January,  eightecii  hundred  and  sixty-five,  to  fund 
the  same  in  six  per  cent,  bonds  of  the  Confederate  States,  payable 
twont}'  3ears  after  date,  and  the  interest  payable  semi-annually. 
JJut  all  treasur^^  notes  received  b}-  an\'  State  after  the  time  fixed 
for  taxing  the  same,  as  aforesaid,  shall  bo  held  to  have  been 
received  diminished  by  the  amount  of  said  tax.    The  discrimina- 


4 

liuii  l»cL\vt;eii  liu:  jiuLes  subject  to  liic  tux  uiid  tliust;  not  so  subjoct 
slijill  be  Ictt  to  tlio  good  faith  of  each  8tate.  and  the  coi'titicate  ol' 
the  Governor  tliereot'  shall  in  each  oaso  bo  coneliis.ivo. 

Skc.  I'ii.  That  treasury  notes  heretofore  issued,  boariiig  interest 
at  the  rate  of  seven  dollars  and  thirty  et.Mits  on  tiie  hundred  dol- 
lars per  annum,  shall  no  longer  be  received  in  payinerit  of  public 
dues,  but  shall  be  deemed  and  considered  bonds  of  the  Confede- 
rate States,  payable  two  3-eurs  after  a  ratification  of  u  treat}'  of 
peace  with  the  United  States,  bearing  the  rate  of  interest  speci- 
tied  on  their  face.  i»ayubie  on  the  first  January  in  each  and  every 
year. 

Skg.  1-4.  That  the  Scereturv  of  the  Treasury  be,  and  he  it 
iiereby  auihorized.  in  ease  the  exigencies  of  the  Government 
should  reC|uii"e  it.  to  pay  the  demand  of  any  ])ublic  creditor  whobe 
debt  may  be  contracted  after  tlie  passage  of  tliis  act,  willing  to 
receive  the  same,  in  a  certiticate  of  indebtedness  to  be  issued  by 
said  Secretery  in  such  form  as  he  nuiy  deem  proper,  payable  two 
years  after  a  i-atification  of  a  treaty  of  peace  with  the  United 
States,  bearing  interest  at  the  rate  of  six  ]>er  cent,  per  annum, 
payable  semi-annually,  and  transferable  only  by  special  endorse- 
ment under  regulations  to  bo  prescribed  by  the  Secretarj-  of  the 
Treasury,  and  said  certificates  shall  be  exempt  f'roni  taxation  in 
principal  and  interest. 

Sec.  15.  The  Secretary  of  the  Treasury  is  authorized  to  increase 
the  number  of  depositories  so  as  to  meet  th.e  requirements  of  tins 
act,  and  with  that  view  to  employ''  such  of  the  banks  of  the  several 
States  as  lie  may  deem  expedient. 

Sec.  16.  The  Secretary  of  the  Treasury  shall  forthwith  adver- 
tise this  act  in  such  newspapers  published  in  the  several  States 
and  by  such  other  means  as  sliall  secure  immediate  publicitj'^,  and 
tlie  Secretary  of  War  and  the  Secretary  of  the  Xavy  shall  each 
cause  it  to  be  published  in  general  orders  for  the  information  of 
the  army  and  navy. 

Sec.  17.  The  forty-second  section  of  the  act  for  the  assessment 
;ind  collection  of  taxes  approved  May  first,  eighteen  hundred  and 
sixty-three,  is  hereb}^  repealed. 

Sec.  18.  The  Secretary  of  the  Treasury  is  hereby  authorized 
and  required,  upon  the  application  of  the  holder  of  any  call  cer- 
lifieates — which  b}' the  tii-st  section  of  the  act  -'to  provide  for 
the  funding  and  further  issue  of  treasury  notes,"  a])proved  March 
twentj'-third,  eighteen  hundred  and  sixty-three,  was. required  to 
be  thereafter  deemed  to  be  a  bond — to  issue  to  such  holder  a  bond 
therefor  upon  the  terms  provided  by  said  act. 

Approved  February  17,  18G-i. 


